Dockwise Ltd
oslo : DOCK

April 22, 2012 10:49 ET

Dockwise Ltd : Q1 2012: Progress on strategic targets, record backlog extended; short term market conditions remain volatile

BREDA, THE NETHERLANDS--(Marketwire - Apr 22, 2012) - DOCKWISE Ltd. today publishes results for the three month period ended 31 March 2012.

Financial Highlights Q1 2012

  • Revenues of USD 120 million (Q4 2011: USD 88 million);
  • EBITDA of USD 39 million (Q4 2011: USD 30 million);
  • Operating margin of 32% (Q4 2011: 35%);
  • Net profit of USD 9 million (Q4 2011: adjusted net loss of USD 5 million);
  • Cash flow generated from operating activities of USD 35 million (Q4 2011: USD 62 million).

Strategic and Operational Highlights Q1 2012

  • Award of Aasta Hansteen Spar brings Vanguard backlog to nearly USD 100 million;
  • 72% vessel utilization (Q4 2011: 55%);
  • SHWE project: world's second largest barge utilized to launch fifth largest jacket in offshore history;
  • COOEC Type 2 vessel joins fleet;
  • Modification of MV Transshelf for more versatile options.

Post Q1 2012 events

  • DYT divestment well advanced, expected to complete Q2 2012;
  • Board decision to convert MV Black Marlin in upgrade to Type 1 status.

Backlog

  • Backlog at end Q1 2012 USD 587 million (Q4 2011: USD 531 million):
    • USD 215 million for execution in 2012 (USD 143 million at end Q1 2011 for execution in 2011);
    • USD 209 million for execution in 2013 (USD 151 million at end 2011 for execution in 2012);
    • USD 163 million for execution in 2014 and beyond (USD 103 million at end 2011 for execution in 2013 and beyond).

Table 1: Key figures


(x USD                                Change Q1 12
1,000,000)      Q1 2012      Q4 2011      vs Q4 11   Q1 2011
               ----------------------   ---------------------
                                    

Revenue           119.8         87.5         36.8%      89.0

EBITDA             38.6         30.3         27.8%      28.5

Net profit /
(loss)              9.0        (36.2)          n.m.     (7.9)

Adjusted net
profit /
(loss)              9.0         (5.0) (1)      n.m.     (3.7) (2)


(x USD 1)       Q1 2012      Q4 2011                 Q1 2011
               ----------------------              ----------
Basic
earnings per
Share             0.356      (1.430)                 (0.313)

Adjusted
basic
earnings per
share             0.356      (0.195)                 (0.147)

Diluted
earnings per
share             0.351      (1.416)                 (0.310)


1 Excludes impairment DYT Business USD 29.4 million (Q4 2011) and excludes non recurring finance costs USD 1.8 million (Q4 2011).

2 Excludes impairment on MV Explorer (Q1 2011) totalling USD 4.2 million.

André Goedée, Chief Executive Officer Dockwise, commented:

"Dockwise has had an eventful and successful first quarter. Using the world's second largest launch barge, owned by COOEC to launch the fifth largest jacket in history adds the SHWE project to the proud list of achievements that set Dockwise apart in our industry. In addition, securing the giant Aasta Hansteen spar buoy for transport aboard the MV Dockwise Vanguard means that Dockwise has now booked nearly USD 100 million in revenue for the new vessel prior to launch. This reflects the strength of market demand, identified several years ago, on which the Board based its decision to commission the MV Dockwise Vanguard, for a vessel of this scale.

Across the rest of our fleet, we have taken charge of the COOEC Type 2 vessel, HYSY278, which became operational at the start of the second quarter; we commenced the modification of the MV Transshelf for more versatile use, and took the decision to convert the MV Black Marlin to Type 1 status to raise its carrying capacity from 56,000 to 76,000 tonnes. Each of these moves further strengthens our abilities to handle large and complex projects. We shall continue to optimize our fleet in a controlled and disciplined manner, staying close to our customers to be able to deliver according to demand. A teleconference for analysts and investors following the presentation of Q1 2012 results will be conducted on 23 April 2012 at a later to be announced time. Details will be published on the website www.dockwise.com; A dial in number and access code for the conference is available upon request to fons.van.lith@dockwise.com. The teleconference can be followed via a live audio-webcast: www.dockwise.com. Participating in the conference requires that you dial in using our conference call number. The presentation will be made available on 23 April 2012 at 12:00 hrs CET through Oslo Newsweb and the Dockwise website.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Q1 2012 report: http://hugin.info/137711/R/1604701/507858.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Dockwise Ltd via Thomson Reuters ONE [HUG#1604701]

Contact Information

  • For further information please contact:
    Fons van Lith
    M: +31 (0)6 51 314 952
    T: +31 (0)76 5484116
    E: Email Contact